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EGPC Signed an Agreement to Import Petroleum Products

Source: SIS.gov.eg 10/3/2012, Location: Africa

The Egyptian General Petroleum Corporation and the International Islamic Trade Finance Corporation of the Islamic Development Bank (IDB) signed a Murabaha agreement (an agreement that means resale with specification of gain in line with Islamic Shariaa) with US $ 235 million to import gasoline, diesel oil and butane gas.

Finance Minister Momtaz al-Saeed, Petroleum and Metallurgical Resources Minister Osama Kamal and IDB's Executive Director Zeinhom Zahran attended the signing ceremony.

Finance Minister said the sum is the first tranche of the US $ 1 billion frame agreement signed in July 2012 to provide basic and strategic commodities for citizens, especially petroleum products as well as wheat and other foodstuff.

Petroleum Minister said this sum will be used to finance importing gasoline and butane gas for local market needs besides the electricity sector's needs of butane gas and diesel oil.

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